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Wednesday, May 23, 2007

consumer loyalty - nothing new

IBM commissioned a study of 1000 US consumers regarding their insurance providers. The results are not surprising. For example, note the following statistics that came from the study:

1. more than 75% were very satisfied with the service provided by their insurance agent and remain committed to working with the agent in the future.

2. only 15% would change agents for an annual savings of $150.00

3. 54% said that no savings amount would make them switch.

4. 44% said their insurance provider was innovative compared with other industries.

5. 53% cite personalized service as what they like best about their insurance agent.

6. quality of service was the most important factor in choosing an agent.

7. 37% said they liked to visit their agent.

The bottom like for this study is that the results are predictable. People do not want to be a number - they want to feel important and respected. The insurance agent that understands that it is a relationship-based business wins.

The take-away from this survey is that these results are typical for virtually all businesses since the customer is always a person (it may be an individual buying for himself or an employee or group of employees in a large organization buying for the company).

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